A Korean company has raised allegations in the Korean ICON community on Kakao Messenger that Hycon, a Korea-based blockchain project currently mired in a public relations mess, intentionally spread rumors about ICON, causing the price of ICX to drop by more than 30 percent.

In the forum, the Seoul-based investment, trading and online/offline content development firm JBRO Company claimed that Glosfer, the blockchain company behind the digital asset HYCON, intentionally spread articles trashing rival ICON in China with the help of JBRO.

The rumors allegedly caused the price of ICON’s digital currency, ICX, to fall by more than 30 percent.

According to JBRO — which has business ties with Glosfer — they did this because JBRO needed money and wanted to inflate the price of HYCON at the expense of ICON. At present, it is unclear how they planned to achieve this.

ICON Kakao Chatroom log

Min Kim of the ICON Foundation told the Iconist, “We are in contact with JBRO and are looking into the matter.”

Glosfer is currently struggling with rumors that their CEO, Kim Tae-won, is “dumping and running” with the ICO funds from the HYCON project, which contributed to the price of HYCON falling over 15 percent last week.

Glosfer Labs — formerly GMR Materials, a KOSDAQ-listed scrap iron distribution business acquired by Glosfer in September — acquired Kim Tae-won’s 74.5 percent stake in his company for KRW 26.5 billion on Dec. 5, sparking the afore-mentioned rumors.

Kim denies this, explaining that the money would go to redeeming a convertible bond and that Glosfer’s blockchain business would carry on through Glosfer Labs, where he is the representative director.

JBRO and Glosfer were unavailable for comment.

We’ll provide more on this story as it comes in.